Tax Code advice

ipri

Hi....eventualy got 1st cheque after retirement..!! It seems to be exactly as expected...Tax code is "647L M1"..what is the significance of this, if any?

PS this site has guided me through paying mortgage off / retirement etc. in the last 3 yrs...many thanks for all the help!!! ta ian

ceeforcat

This is the emergency tax code - you have been taxed correctly if you have no other income. Did you forward your P45 to your pension provider?

CLAPTON

In general 647L is a 'normal' tax code and 647L M1 is any emergency code although it might give the correct level of tax.

what is correct for you depends upon the details of your income(s) and your age

ipri

ceeforcat wrote: »

This is the emergency tax code - you have been taxed correctly if you have no other income. Did you forward your P45 to your pension provider?

thanks...I worked in NHS.....hav'nt done anything with P45?? ian

fengirl_2

You need to forward your P45 to your pension provider. If you are receiving a state pension, you need to notify your tax office.

ipri

fengirl wrote: »

You need to forward your P45 to your pension provider. If you are receiving a state pension, you need to notify your tax office.

I'm getting NHS superannuation....is this done for me via finance dept....I'm 60..do i do this when i'm 65? ian

jem16

jimmo wrote: »

When I retired from HMRC I didn’t get a P45 but my P45 details were passed directly to the Pension Provider.
When my wife retired from a different Govt Department she did get a P45 but her P45 details were also passed on to the Pension Provider.

This is what should happen but doesn't always happen unfortunately.

My friend retired from teaching last summer and when she phoned the SPPA she was told that the council hadn't passed on any details as yet - she was advised to send on her P45.

Personally I would phone the NHS pension provider and check it out.

As to state pension ipri, you don't need to inform tax office until you are 65 and receiving it.

ceeforcat

Yes Jimmo - but this is the health service we are talking about for whom I now do some work! Believe me, when I was in HMRC, their salary and wages was just the worst scheme do deal with in NI. ( I am sure you remember 954/H1, H2 etc).Almost entirely due to training deficiencies and staff cuts.

My wife retired on ill health grounds last year and it was a shambles.

Slightly off topic ipri but I sincerely hope that your final salary was calculated correctly. I am sure it was but, again in my wife’s case, she would have been out almost £50000 over the next 20 years had I not intervened.